Spotlight

Indian equity markets are likely to open on a cautious note, with early trends in GIFT Nifty futures pointing to a weaker start. A rebound in crude oil prices amid renewed uncertainty surrounding the U.S.-Iran diplomatic process, coupled with a rise in U.S. Treasury yields, is likely to prompt some profit-taking after the market’s recent gains. WTI crude is currently trading around $91–$92 a barrel, while Brent has climbed back above the $100 mark. Wall Street closed sharply lower, while Asian markets are showing mixed trends in early trade.  

The geopolitical backdrop remains uncertain. While recent discussions have raised hopes of progress toward de-escalation, conflicting statements from Iranian officials regarding the Strait of Hormuz and the broader conflict continue to keep risks elevated. The lack of clarity could keep global risk appetite in check and leave crude oil prices sensitive to any fresh developments.

Technical Views

Nifty 50

Nifty 50 formed a small bullish candle in the previous session, indicating a modest recovery from recent weakness. However, the broader technical structure remains cautious, with the index continuing to face resistance near key moving-average levels. The immediate resistance is placed around 23,500, followed by the crucial 23,600 zone. A sustained breakout above 23,600 could further strengthen the recovery and open the way towards 23,800.
 
On the downside, 23,300 remains the key immediate support, followed by 23,200. Momentum has improved from deeply oversold levels but remains subdued, suggesting that buying strength is yet to gain clear confirmation. Overall, the index is likely to remain range-bound with a cautiously positive bias as long as it holds above 23,300, while a decisive move above 23,600 would provide stronger confirmation of a sustained recovery.

Bank Nifty

Bank Nifty continues to demonstrate relative resilience, holding above the crucial 56,000 support level despite the broader cautious market structure. However, the index is yet to decisively reclaim the 57,000 mark, which remains an important level for further confirmation of the recovery. On the upside, 56,700–56,800 is likely to act as the immediate resistance zone, followed by the key 57,000 level. A sustained breakout above 57,000 could strengthen the recovery and open the way towards 57,300–57,500.
 
On the downside, 56,100–56,000 remains the immediate support zone, followed by 55,800–55,700. A decisive break below 56,000 could revive selling pressure and expose the index to the lower support levels. Overall, the near-term outlook remains cautiously constructive, with sustained holding above 56,000 keeping the recovery structure intact, while a decisive move above 57,000 would be required for stronger upside momentum.